Where & How to Buy Amazon (AMZN) Stock in 2024

Bookstore turned e-commerce giant Amazon has stood the test of time. It first went public in 1997 at $18 per share, and the subsequent dot-com boom saw its stock soar, reaching a peak of $106 in 1999. Despite setbacks in the early 2000s, its price surpassed the 1999 peak by 2007, and with a market cap of $1.49tr (the world’s fifth largest), it stands today as one of the most attractive investments on the market. With that in mind, the question of how to buy Amazon stock in 2024 remains at the forefront of investors’ minds.

In this guide, we will address the question of how to buy Amazon stock in 2024, in addition to examining Amazon’s price history, and our top recommended broker to invest in Amazon stock on a zero commission basis.

Amazon (AMZN) stock data November 2024

What is Amazon?

Amazon is the epitome of a technology conglomerate. Having been founded as a bookstore in the mid-90s, the firm has evolved into something unrecognizable, dominating the world of e-commerce whilst expanding into streaming, cloud computing and much more.

The Seattle-based firm’s flagship platform is synonymous with modern e-commerce, but the firm’s cloud computing division, Amazon Web Services, is becoming increasingly dominant, providing services to business and organizations and boasting a commanding lead in the industry’s market share.

Many believe that Amazon’s success, aside from its vast product suite, is largely driven by its commitment to industry-leading customer service. This is just one reason why the firm, in 2023, is one of the world’s most valuable, boasting a market capitalization of more than $1.5tr.

Amazon share price 2024

Amazon stock has seen significant turbulence in recent years. Despite the unprecedented disruption caused by COVID-19, the company’s share value hit an all-time high of $186.12 in July 2021, having suffered an initial slump during the bear market of 2020.

But this good fortune was cut short, with the stock losing 50% of its value during 2022 – its worst annual performance since the dot-com bubble burst in 2000.

Though Amazon stock has failed to return to the record-breaking heights of the pandemic era, investors who bought the 2020 dip have been rewarded, with share prices currently up nearly 65% year-on-year.

However, at the time of writing, Amazon’s share price still trails 16% below its 2021 year-end closing price and 25% below its peak in mid-2021.

There is no guarantee that you will make money with this provider. Proceed at your own risk..

Is Amazon (AMZN) a good investment in 2024?

A $1,000 investment in Amazon stock 10 years ago would be worth nearly $12,000 today. But does this mean that beginner investors should still buy Amazon stock in 2024?

Prospective investors should, for instance, be wary of the longstanding controversy regarding Amazon’s tax affairs. The latest development in this saga came in June earlier this year, when The Guardian reported that Amazon’s main UK division paid no corporation tax for the second year in a row.

Competition also remains a significant threat to Amazon’s operations. The company’s success in recent years has sparked a fundamental shift in the world of e-commerce, with rivals such as Wall-Mart, Best Buy and Home Depot being forced to evolve their online offerings.

The same applies to Amazon’s cloud infrastructure business, Amazon Web Services (AWS) which faces increasing pressure from Microsoft’s Azure and Alphabet’s Google Cloud Platform. According to reporting by CNBC, the two players grew their revenue 29% and 22% respectively in Q3 2023. This has been reflected in somewhat slowed growth for the Amazon since 2021.

However, Amazon remains as one of the world’s most productive companies, and has seen a short-term boost in net sales this year, with net income more than tripling in Q3.

AWS also still comfortably leads the cloud infrastructure market, and its other higher-margin business lines, such as third-party seller services and advertising, are also growing fast.

Additionally, Amazon looks poised to be a long-term beneficiary of the modern era’s AI boom. Besides offering machine learning and generative AI technology as part of its cloud computing business, the company is also integrating AI into its e-commerce offering.

Taking these factors into account, Amazon stock arguably remains a worthwhile buy in 2024.

Where to buy Amazon (AMZN) stock in 2024

Investors can buy Amazon stock through a range of online brokers. Robinhood tends to be a popular choice, offering a user-friendly interface, low minimum deposits, and supporting fractional share trading. These factors contribute to making the platform accessible for beginners. Other popular choices include, Webull and Charles Schwab.

1. Robinhood – Best brokerage account for commission-free investment

Robinhood, a widely acclaimed zero-commission trading platform, is celebrated for its intuitive user interface, garnering millions of users since its inception.

Setting itself apart with a commission-free model, Robinhood extends this benefit to include zero trading fees for individual stocks, ETFs, and options. The platform goes beyond conventional trading by facilitating social trading, creating a community-oriented ambiance reminiscent of social networks.

Featuring a low minimum deposit, accessible fractional share trading, and the absence of account fees, Robinhood serves as a cost-effective entry point for investors. Its beginner-friendly approach makes it particularly well-suited for those new to investing, providing an affordable and user-friendly platform for financial endeavors.

With a minimum trade amount of $1, Robinhood is also the most suitable platform for investors who wish to implement a dollar-cost-averaging strategy. This is a good way to build a diverse portfolio with limited funds.

2. Charles Schwab – Reputable broker with educational tools and resources for stock trading

Charles Schwab stands as a distinguished online brokerage platform, renowned for its expansive array of investment options and comprehensive services. Known for its reliability, it caters to a diverse investor base.

Providing a user-friendly interface, Charles Schwab grants access to a multitude of financial markets and investment products. While it doesn’t adopt a zero-fees model, it compensates with a robust suite of research tools and educational resources.

Catering to both beginners and advanced investors, Charles Schwab’s platform accommodates different account types. With an emphasis on customer service and a commitment to innovation, Charles Schwab emerges as a prominent choice for those seeking a well-rounded online brokerage experience. For the latest information, please verify current details on their official website.

3. Webull – A modern and affordable brokerage platform for day trading Amazon

Webull, a dynamic commission-free trading platform, has garnered popularity for its intuitive design and advanced features since its launch in 2018. Providing a user-friendly interface equipped with real-time market data and analysis tools, Webull caters to both novice and experienced traders.

Specializing in equities and options, Webull distinguishes itself by offering commission-free trades across various assets, including stocks and ETFs. Notably, the platform supports extended trading hours, catering to the flexibility sought by active traders.

With an accessible mobile app and desktop platform, coupled with no minimum deposit requirements, Webull presents an appealing option for those in search of a modern and affordable trading experience.

There is no guarantee that you will make money with this provider. Proceed at your own risk..

How To Buy Amazon Stock From Robinhood

In the following section, we will take a closer look at how to buy Amazon shares from our top brokerage, Robinhood. Before starting the process, make sure that you understand the risks involved with investing in the stock market.

Step 1: Create a Robinhood online brokerage account

To buy Amazon from Robinhood, you will need to register for an account with the broker. You can do this through the website or mobile app.

You will be asked to provide personal details such as your name, email address, and residential address. You will also be asked to provide tax information.

After completing the registration form, you must upload proof of ID to be able to withdraw funds from your Robinhood account. This process takes no longer than 20 minutes to complete.

Step 2: Fund your account

After successfully signing up to the platform, the next step is to fund your Robinhood trading account. Robinhood accepts payments with debit card or bank transfer and deposits can take up to 30 minutes to complete.

The minimum deposit to trade on the platform is $1. We recommend starting with a small amount of funds before slowly increasing your investments.

Step 3: Search for Amazon ticker symbol

On the app or web trading platform, search for the Amazon ticker symbol, AMZN. Select the stock to view more details.

From here, you will be able to see a summary of the stock fundamentals as well as expert insight. It is a good idea to spend time analyzing Amazon stock before making any investment decisions.

Step 4: Place a market order

Once you have researched the stock market, select ‘buy’ to place a market order.

Enter the amount of Amazon you would like to buy. You can also enter stop losses, take profit, and leverage. Check that all of the details are correct before placing the trade. Amazon stock will appear in your Robinhood portfolio after a few minutes.

Selling Amazon Stock

It is also helpful to understand how to sell Amazon stock after you have bought it. On Robinhood, you can sell stocks by selecting the stock that you would like to sell and clicking ‘trade’. Here, select ‘sell’ and then enter the amount of shares that you would like to sell.

The funds will appear in your Robinhood trading account. You can withdraw these to your bank account or use them to invest in alternative stocks.

There is no guarantee that you will make money with this provider. Proceed at your own risk..

Our verdict on Amazon (AMZN) stock in 2024

In summary, investing in Amazon stock in 2024 has both promise and caution. Despite a rollercoaster in recent years, Amazon’s resilience and rebound make it an appealing choice. Still, challenges exist, like controversies over taxes and growing competition in e-commerce and cloud services.

For those keen to buy Amazon stock in 2024, Robinhood is an intuitive and beginner-friendly option comprising a large and thriving community of users ranging from beginner to expert. With competitive fees, free stock trading, and a $0 minimum deposit for US investors, it offers an ideal environment for amateur investors.

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